Microcap Save Foods shares skyrocket on heavy volume
07/08/2023 15:48
** Shares of agricultural chemicals co Save Foods Inc
SVFD.O on Mon jumping 217.7% to $2.01, after hitting highest
levels in 11 months, with no apparent news catalyst for the move
** Trading volume of more than 38 mln shares is a session
record, per Refinitiv data, vs stock's 10-DMA of about 640k
** Co has ~7.8 mln shares outstanding and ~4 mln of public
float, per Refinitiv
** SVFD among the most watched tickers on
retail-investor-focused social media forum Stocktwits.com
** The stock's gain echoes eye-popping "meme stocks"
rallies, when retail investors coordinate on social media and
typically focus on speculative bets
** For first three months of 2023, Save Foods reported
~$121,000 in revenues and a net loss of ~$1.7 mln
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))